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, the united states has made all these mistakes, kind of like a colonial power down through the years. >> right. >> obama spends a lot of time apologizing for america. do you think that will come out in the debate tonight? >> i hope so. romney has shown an ability to be very tough debater while still being very kind. it's a nice combo platter he has, but you have with obama the guy who denied american exceptionalism. we're the only non-imperialist superpower in the history of the world. is he unaware of that? oh, yes, i'm sure english, they think they are exceptional, too. that was his response to american exceptionalism. you had him bowing for all of the world leaders. you had him leading from behind during the arab spring which these guys were so enthusiastic about, and we see the result of it, with the death of our ambassador and three other americans. no, obama's view is not that america is an exceptional country, and i hope that does come out. >> steve mcmahon, we could have actually landed troops in benghazi. that is now coming out. the president actually met with leon panetta, and nothin
's been very clear. the president of the united states owes the american people candor and transparency on what's happened. that clearly has been a test which has been failed. they started talking about the spontaneous eruption that was incredible on 9/11, and this is a video that's been around for months. second, we have the type of equipment used. third, we now know there were intelligence reports. fourth, wern the ambassador was concerned about the security, and fifth, we had a stonewalling for days and days with this very story. >> that's the key point with ambassador rice making the runs. larry, do you agree with rich williamson, larry, that, in fact, president obama owes the american people a clear, transparent explanation? >> i think he has given it. you have to remember everything rich said is contradicted by the director of national intelligence, general clapper, who was first appointed to the pentagon by the bush administration. he came out and he said, i gave them this information, and it was wrong. when we found out, i changed the narrative, and more important, obama's going
the tension that existed between israel and the united states was very unfortunate. i think that also, pulling our missile defense out of poland in the way we did was also unfortunate in terms of, if you will, disrupting the relationship as it stands between us. when the students took to the streets in teheran and the people there protested, the green revolution occurred. for the president to be silent, i thought, was an enormous mistake. we have to stand for our principles. stand for allies. stand for strong military. and stand for a stronger economy. >> mr. president? >> america remains the one indispensable nation. and the world needs a strong america abnd it is stronger now than when i came into aufgs. because we ended the war in iraq, we were able to refocus our attention in not only the terrorist threat, but also beginning a transition process from afghanistan chl. it also allowed us to refocus aliengs on relationships that have been neglected for a decade. governor romney, our alliances have never been stronger. in asia,africa, with i real where we had unprecedented military and sbel je
as well as globally related it to shale gas. although shale gas really made united states self-sufficient in term of gas supply, so we're not considering the united states as a destination for selling our lng to united states. but there is also the direction of flows from the united states to europe our main market and to asia, as well. but at the moment, what's happening, it looks like that shil gas boom will create a lot of problems for the domestic producers in the united states because prices in united states are not sustainable, are not able to support investment cycle in the . >> and just china, the plan is for china to be a long term partner for russian oil and gas production. much i guess will depend on on getting the pipeline built and developed. where are we in that process? >> it's not so much the problem of a pipeline. it's a problem that we still are not able to negotiate a price that meets our expectations. the problem comes from the fact that in china, prices for natural gas are regulated. the current price levels are well below our expectations. you mentioned sh
in the united states. what have we learned from japan and what are the limitations from the lessons we could learn from japan? >> japan was the first, of course, modern economy to be trapped at the zero bound -- that is have short-term interest rates close to 0%. in many ways their experience foreshadowed the global financial crisis of 2008. the japanese had a stock market boom and bust and a property boom and bust together which was roughly double the size proportionately speaking to what happened in the united states. so it was a major shock to their economy. they have responded to it through a variety of tools. i think a couple things that we learned from watching their experience and the troubles and difficulties they've been through, and two that i would point to that we have tried to learn from them. the first is, aggressiveness, early aggressiveness of monetary policy. what we learned from japan is we learned from the 1930s, that once you get into deflation, a deflationous situation where prices are dropping, prices and wages are dropping, it can be very, very hard to get out of that.
, he said that anywhere on earth if you could pick a place to invest, it would be the united states. that would be the strongest place that you could put your money. and also he said, businesses make mistakes in addressing the london whale issue. he said that's what business is about. you make your miss tatakes and learn from them. >> he also sort of says, in a way, that government is headed towards making a very big mistake. jpmorgan's jamie dimon, never one to mince words, speaking at the council of foreign relations in washington this morning. he warns legislators that going off the so-called fiscal cliff is an unacceptable option for the nation and the economy. >> there are all these potential outcomes. i would defy any one of you to really know what they are. therefore, it is irresponsible policy just to say, let's see. let's not see. i mean risk management says let's try to avoid that. >> dimon says he has even bigger issues with the tone in washington regarding american business right now. >> if you think that washington and business can go to war with each other and it is go
important and powerful women in the world of finance and the warning for the united states. >>> brewing up profits the ceo who can fix with ales, starts up companies and raising a glad and lending a hand. >> didn't get enough matt damon last week? neither did we. "the wall street journal report" starts right now. now, maria bartiromo. >> here's a look at what's making news as we head into a new week. another blow to investor confidence, a big blunder in the release of google's earnings on thursday. they came out hours before they were scheduled to be released. the company said it was due to a mistake by the financial printer r.r. donnelley which in turn blamed humor error. the earnings weren't even good. they missed on revenue and profit and the stock plummeted. the company announcing the sudden departure of pandit, he was reto be repoliced by michael corps bit, a citigroup insider. i spoke to mr. pandit soon after his resignation and said it was my decision and it was time and after five years i accomplished what i set out to do. after other signs of a technology slowdown and continued do
on the macro level, much of it in the united states but also obviously global issues that are well known, that create an enormous amount of needed caution in the world. i'm not sure that's going to get resolved until we have significant resolution of where we are in the macro side. >> and of course the election is also a big uncertainty there. >> it certainly is. >> do things get unlocked after november 6th? what's your take on that? and also, well let's talk about the election. what kind of impact do you think after the election, things loosen up? >> i don't agree with the theory that says that its irrelevant who wins that it's just certainty. i don't think this has ever been about just certainty. it's about a set of policies either encourage or allow business growth or set of policies that tend to diminish the ability of our economy to grow to employ people. i think the election is as many people have said, a very sequential one in terms of impact on our business because we're trying to invest in companies where we believe we can generate better than gdp growth and look at the gdp base
crush the ability to the united states has given you. you have to cut the stocks from the cover off the united states. a country where we are pushing up 40 points per share this morning. virtually all the money was made right here in the united states. ♪ >> europe, was so awful that it almost wiped out the american gain. >> the house of pain. >> asia had a nice turn to a 40 million plus dollar gain. $85 million. but, hey, that is not much from the scheme of things. south america profit open again not all that significant. contrast that news with the report. ♪ hallelujah >> u.s. based furniture maker makes bed springs that i'm sure at some point pondered going into europe or latin mesh. i'm sure a whipper snapper said we have to make it more in the bed spring market. guess what? the good old us of a made these guys important. not because the stocks are going down, this one will be a jumper when the market opens tomorrow. it has been two weeks since the markets open tomorrow. the mortgage business, us bank corp and i'm not banking away. wells far go. i think it may have dinged the
. not just about growth here in the united states, but growth in china, growth in the eurozone, and where demand is going to come from. >> all right. steven, one thing we are expecting from these quarterly numbers is a contraction in earnings. they are expected to be negative for the third quarter. i expect it to bounce back in the fourth quarter. wrote are you expecting any big blowups? we saw norfolk southern, caterpillar, these large multinationals that are disappointing. what's on the horizon? >> we are zfdefinitely in a maturing earnings cycle. i think earnings will come in line with expectations that have been reduced dramatically. i think more importantly than the earnings may well be the top line revenue. so analysts are going to get out a microscope, be looking at revenues to see what's happening there. this is going to be a challenging environment. mandy, great point. china's deceleration is very important. it's very real. you're seeing that in commodity complex. i think that revenue line is going to be very, very important. that's probably going to come in soft. >> all right. w
can allow more drilling in the united states and streamline environmental regulations. president obama has done neither one. >> okay. do you think oil companies control gas prices or just markets? you have to put policies in place that drive markets. >> sure, the price of oil is set on the global market, period. what is happening in the united states now is that motorists in chicago are competing for effectively the same gallon of gasoline as motorists in shanghai and mumbai. there's very little the president can do about that except stimulate production in the united states. that will contribute to the global pool of oil and therefore affect the price. >> dan, what did you think? >> robert is half right. oil prices are set on the world market, but the part he's missing is it's controlled by the opec cartel. their goal is to keep the oilg oil price between $80 and $100 a barrel, which is where it's fluctuated for the last year and a half. in fact, independent studies by the department of energy, congressional research service, and the associate the press have all found there's no corre
in the united states. techs are the weak link. nasdaq underperforming. notice also the transports outperforming now five days in a row. that hasn't happened in a long time. take a look at some of the big component makers, jdsu, down for a number of days. apple, third straight day down, six-week low for apple. >>> a congressional investigation says a chinese tech giant is a national security threat, saying that its equipment may be used for spying on americans. the explosive allegations laid out by the house intelligence committee earlier this morning on "squawk on the street." our anchor there, david faber, talked to the chairman and he's here with more on these allegations. david? >> thanks, sue. we have reported in the past, and at some length, on what is a very aggressive effort by the chinese, broadly speaking, to conduct cybere espionage. today the house committee comes out on a very large telecommunications equipment providering that seemingly come out of nowhere to be one of the dominant forces in this industry. of course an industry that we've seen change a lot. the old nortel, gone. al
barrel of oil that was actually being consumed in the united states. >> we talked to the largest physical trader of crude oil, and they told us that compared to the size of the investment inflows--and, remember, this is the largest physical crude oil trader in the united states-- they say that we are basically a flea on an elephant, that that's how big these flows were. >> yet when congress began holding hearings in the summer of 2008 and asked wall street banker lawrence eagles of j.p. morgan what role excessive speculation played in rising oil prices, the answer was little to none. >> we believe that high energy prices are fundamentally a result of supply and demand. >> as it turns out, not even j.p. morgan's chief global investment officer agreed with him. the same day that eagles testified, this email went out to clients saying, "an enormous amount of speculation" ran up the price, and "$140 in july was ridiculous." if anyone had any doubts, they were dispelled a few days after that hearing when the price of oil jumped $25 in a single day. september 22nd. >> september 22nd. >> michael
. but the relationship with the united states, our strategic relationship and technological relationship with the united states is indispensable to us. so, of course, it is necessary for us to be able to continue in both those directions simultaneously. and that's a very important consideration. any such merger of this kind. >> and joining us for more is the director at chatham hasram. they came out against the deal. so that was from a shareholder's point of view. what about from a uk defense point of view? are there political risks in allowing this to go ahead? >> the biggest political risk was referenced somewhat by the foreign secretary there in your clip. if there are large stake holdings as part of the agreement between the french and german governments, anything over 9%, it's going to look very difficult to justify the very special sharing technology relationship that the bae systems has in that market. if b.a. systems loses some of its privileged access, from a shareholder perspective that's bad news. so really they cannot afford to let that political deal muck up the u.s. market. the civilian be
through a difficult decade, especially equity investors in the united states have suffered some real turmoil in their returns, and they've been bombarded by these messages that generate fear. they're legitimate concerns. the world is a very uncertain place. so we're telling -- >> who's buying -- that's the question, who's doing the buying right now? >> i don't think i have a perfect answer for you on that. i can't identify all the buyers out there for you. i'm sorry. >> okay. >> are they chasie ining growth? i mean, yours for a long time has been a growth shop. just the last several weeks we're seeing managers chase some of those growth companies. where's the money moving, the money that you are seeing moving? >> well, growth has outperformed value this year. we've seen it has happened in stocks that are the larger, better known names. so what we're seeing is that as the fear translates through equity investing, those folks who are buying equities tend to buy the larger, better known names. those names have done quite well relative to the rest of the indices. >> so let's talk politic
of the world. the ones like mexico and latin america are tied more directly to the united states. >> so you must believe that they're going to fix the fiscal cliff if you think things will be better next year. >> well, we think they'll muddle through eventually. our best guess is they'll kick the can down the road between now and the new congress and administration and the pressure will be on that at some point they'll work things out. hopefully in a fairly reasonable manner. i mean, it's another two years for the next election and four years until the next presidential election. so maybe they've got a little incentive to sit down and talk now. >> yeah, wouldn't that be nice? >> from your mouth to god's ears. >> jim bianco, what are you looking at right now ? what are you buying? >> i'm really looking at the election. i think this market has been all about monetary stimulus for the last two years. the rally we've had since june has been about qe-3. the concern we've had in the last few weeks other than earnings has been a romney presidency, means bernanke gets replaced. that's what's drivin
. and can the united states dodge a financial cliff in we'll speak to a guest who has clear ideas of what needs to be done. first it's about the jobs report, unemployment report due out at 8:30 eastern. economists think yet another month of modest job growth, but not enough to make a dent in unemployment. dow jones forecasted nonfarm payrolls for an increase of 118,000, it was 96,000 in august. unemployment seen holding at 8.1%, it's judgmented that job gains of 150,000 or more are needed to bring down unemployment. how long will they be doing this for then and what is today's number -- where does today's number come in that scheme of things? >> how long are they going to be doing -- to answer that pre-supposes that i believe quantitative easing is going to improve the employment picture. and i'm not at all sure about that. and it's interesting that if you ride the fed minutes from that meeting, that there were quite a few fed governors who weren't so sure about that either. >> i'm sure it has no indirect control, but that's not the point. they said they're going to do it until the unempl
any one of us in the united states turns on a faucet and the water runs. for nearly a billion others, it's intermitt tant, expensive and dangerous. hollywood star matt damon may have an oscar for "good will hunting" but to control water is making all the difference. >> every 20 seconds, a kid somewhere on our planet dies because of lack of access to clean water sanitation. you know, three kids a minute. >> what goes through the enormity of it. what does a life without access to clean water look like? >> your life revolves around skavageing for water. girls won't be in school. they will spend their entire day trying to get water for the rest of the family. also, the issue of toilets. girls stop going to school when they hit puberty if there's not a toilet there. >> they co-founded a non-profit organization, water.org. it's to end the water crisis. >> it's a gender issue, an education issue the fact that 433 million school days are lost every year because kids are sick from contaminated water. >> the water in our toilet is cleaner than the water most people are drinking. >> you have be
of the united states of america and have him go after all the insider traders. at the same time, presidential candidate interested in higher stock prices should vow to bring back arthur leavitt. should be rolled back tomorrow. third, i would say from the first day in office, i demand that all federal vehicles be retrofits to run on natural gas engines to clean up the skies and hire hundreds of thousands of americans to build up the infrastructure to handle the federal vehicles. that would force the hand of the trucking companies to switch from dirty, expensive imported diesel and cause gasoline to go down in price for all of us. we need to start using the natural gas in this country. that would let us cut defense spending. we would no longer need to spend hundreds of billions of dollars supporting other regimes. fourth, i would have the federal government take advantage of the low interest rate environment and issue $500 million in 30-year bonds to fix the nation's infrastructure. fifth, i would slap tariffs on goods made by countries. that would stop the endless parade of jobs migrating from
there. and chicago is one of the leading capitols in the united states that has the types of gangs and organizations. these are not kids running around shooting people, these are organizations that are making millions of dollars and they are fighting for turf. >> what you're describing is this underground economy. i don't think it has a thing to do with the chicago economy. i think these people are inside this underground -- what is it that they want? is it guns they want? buy are they shooting each other? here in new york, rudy giuliani put it up on computers and found out the worse places and put the cops out there. >> you have apathy. you have these type of approaches that are supposed to solve the same old types of problems. number two, you have to have an increase of economic opportunities, better education, you can't have the chicago's teachers unions strangling the types of educational avenues that you have for these students, you got to allow them to have more educational opportunities, more business opportunities which will allow them to go from the underground economy to
market is much bigger than people realize. they employ 40 million people in the united states. they make up 1/3 of the private sector gdp. if you just look at these companies, they are the equivalent on their own of the entire economies of both russia and india, so this is a huge burgeoning market. if you've been looking at the downturn, 2007 to 2010, it was a really difficult time for small companies. large companies were laying off people and actually shrunk jobs by about 3.7 million jobs over that time period. but during that very same time period, mid size companies were growing. they added 2.2 million jobs. just over the last 12 months, they were adding jobs at a rate of about 2.2%. but some concerning things in the survey that is just out, from the national middle market summit here. they talk to a lot of these different companies. by the way, this is a huge report, and it takes a look at some of the concerns that are out there. at this point, they say they still have some confidence concerns. confidence remains muted. a real huge issue are challenges that they foresee. they are mo
of all of our employees and facilities in the east of the united states. we have a lot of our operations in the mid atlantic and northeast. but we do have crews working with the oil companies with the utility industry out there to help them get service back on track once this storm passes and the event is over. so right now, we're really just hunkering down like most and hoping and praying this thing passes over from a safety standpoint. >> we see the refineries closing one by one. have you ever had a flood or -- you have to clean up a flood mess at a refinery? >> oh, certainly. you know, most of these sites do shut down for the safety of their work force and the plant themselves. so we'll see what happens. if they need support, we're certainly there. that's the kind of work that we do. we did it during katrina and rita back in the '05-'06 time frame as you know. our emergency response crews are ready to go. we have teams staged and our emergency response center is staffed here at norwell. you know, we expect over the next, you know, 24-48 hours to be activated and help and deal with any
here in the united states and creating jobs here. also means we're helping them and small businesses to export all around the world in new markets. number two, we've got to make sure that we have the best education system in the world and the fact that you're going to college is great, but i want everybody to get a great education and we worked hard to make sure that student loans are available for folks like you. but i want to make sure that community colleges are offering slots for workers to get retrained for the jobs that are out there right now and the jobs of the future. number three, we've got to control our own energy. you know, not only oil and natural gas, which we've been investing in, be but also we have to make sure we're building the energy source of the future. not just thinking about next year but ten years from now, 20 years from now. that's why we've invested in solar and wind and bio fuels. energy efficient cars. we've got to reduce our deficit but we have to do it in a balanced way. asking the wealthy to pay a little more along with cuts to invest in education lik
says brazil's economy will grow at a slower pace than the united states and lowered outlook to below 5%. i had a chance to speak about you who he feels the indian economy was shaping up. >> something common to brazil, china, india. and the effect is very strong when advanced countries slow down, exports really collapse. so the effect is there. and then there's a bit more. i think for china, it's supposed to. but india and brazil, dollar factors. a near paralysis has led to low investments. they're worried about the future. i think recently we can be optimistic on some of the measures that this will change, but this is home grown. >> central bankers, finance ministers will all be joining us live in our coverage in week at the annual meetings. and it's not just the annual meetings that are taking place in tokyo. a g-7 finance minister meeting, a g-20 meeting, as well, and japan is eager to broker a deal for myanmar to try to get it past its debt arrears. and japan may pledge support for the esm and announce a purchase of bonds through that facility very similar to the support they showed
as president of the united states. >> indeed. i think you are absolutely right. thank you. >>> so our poll question today -- do you think last night's debate will change the outcome of the campaign? vote by going to cnbc.com. the results are coming up a little later in "power lunch." >>> next though, seema mody joins us with a market flash. >> hi, sue. we're calling it the romney effect. sectors moving on the back of what mitt romney said in last night's debate. we spoke about coal stocks. utilities -- wells fargo writing utilities should do well under the romney administration because of that. we're seeing some of these utility stocks moving higher. con edison up better than 1%. >>> out in latest check on the pulse of the economy. nation's biggest retailers out with latest sales figures. looks like americans are taking a little bit of a pause after wrapping up back-to-school shopping. target says september same-stores rising 2.1%. a little bit shy of analyst estimates. target says it will stop reporting monthly same-store sales next fiscal year. that will follow in a practice established
, the "new york times" reported on the united states and iran have agreed in principal to hold one-on-one negotiations on iran's nuclear program. but the white house quickly denied that any talks had been set. this report of course came just days before tonight's foreign policy debate with president obama and mitt romney. >> great editorial piece in the journal about how that came about. some senior official obviously said that a tempting october surprise. talks about not just in that instance, a movie about how to-to-cheat on your wife where you're this bed with a woman, your wife comes in, you just keep denying as the woman gets dressed, you get dressed, your wife keeps say whog is this woman, what are you doing, what woman? until she finally leaves and then five minutes later the wife just gives up and says what do you want for dinner tonight. but that's typical of what we've heard for the last 3 1/2 years. >> tonight is the big debate. it will be focused on foreign affairs. and they've already put out a list of the topics he wants to get to. so i don't know what new will happen
. >> today we mourn for more americans who represent the very best of the united states of america. we will not waver in our commitment to see justice is done for this terrible act and make no mistake, justice will be done. >> all right, justice will be done. it a good sentiment. the bottom line is, however, is not much is happening. a lot of people are asking wlp there's a white house coverup here. congress is going to demand answers. we will cover those hearings. if you think there's a story we should be keeping tabs on, let us know. you can find us on twitter and on facebook. >> up next, some very controversial video of obama surfaces. what does the main stream media do about it? blame conservatives for exposing it. ally bank. why they're always there to talk. i love you, james. don't you love me? i'm a robot. i know. i know you're a robot! but there's more in you than just circuits and wires! uhhh. (cries) a machine can't give you what a person can. that's why ally has knowledgeable people there for you, night and day. ally bank. your money needs an ally. >>> in a very hot video re
. and of course the united states is seeing a resurgence in its own domestic production of oil and gas. which isn't to say canada will be shut out, but the u.s. will become more self-sufficient. canada will see booming production of oil and gas itself in years to come and asia which is the biggest growing market is an obvious place. and to have a partnership with a company like petromas would appear to make sense. one wonders if there's domestic politics -- >> they blocked the lse bid. >> but you can understand that because these are strategic reserves and once they're gone, they're gone. >> maybe slightly more take strategic than degnome. >> it's very intriguing how little we've seen protectionism rearing its head through these difficult times. if you said what is the next potential shoe to drop, it would be a resurgence of protectionist policies. >> james, you stay, neal, you go. thank you very much and have a good week. we understand that european parliament committee is advising to oppose the appointment to the ecb board. asked to propose a different ecb board candidate. the reason to say we
, but it's up to the united states to decide exactly what they announced and when. i was encouraged by the statements of both president obama and governor mitt romney, that iran, that they will do everything and they will consider everything, including if necessary the military option in order to prevent a nuclear possession of iran. >> now, of course, we also spoke at length about the israeli economy, especially in light of these geopolitical tensions, and the finance minister reiterated the projected growth for 2013 is at 3%. unemployment is at 6.9%. of course, he's also saying that direct investment in israel is up 40% over precrisis levels. of course, most of that trade between the u.s. and europe and israel. but they've also been looking to china and india over the last three years for an increase in international trade. so again the israeli finance minister in an exclusive interview with cnbc reiterateding his support, but also keeping that possibility open for military action over teheran's nuclear ambitions. ross? >> okay, hadleigh, thanks for that. we did nudge down from an
for this. and by the way, just minutes ago, north korea accused the united states of plotting to attack it as a steppingstone to dominate asia and has used the word nuclear war. well, how does president obama plan on handling these nut jobs? let me tell you that wednesday's debate, romney is going to broaden his message to include foreign policy. >>> plus we have a surprise increase in the ism manufacturing report. >>> plus again bernanke defends his debt plan. he's enabling the obama treasury to sell trillions of dollars in deficits. >>> hundreds of mexicans are involved in the fast and furious. this is a terrible story, hundreds of mexicans may be involved. should attorney general holder be fired immediately over this new information? >>> the ism signals no recession, that's good. but is the obama-bernanke qe stimulus plan going to bail out the president in this election and what about down the road, does it give us a huge inflationary bubble? lee munson, he's chief investment officer of a port folio. you have got the feds blowing smoke and water and money at the stock market. we did
for four months in a row. meanwhile, growth continues to plummet around the world and in the united states. and ecri which we subscribe to and believe it is in our session right now. >> which they have been for a while, to be fair. >> they have. they have a good record on that. >> do you think we're in a recession? >> i do. i don't think all parts of the united states are. but i think we're incredibly close to that. i think the numbers are not actually accurate that the government projects there. but the last four months was remarkable because usually equities and growth, you know, merge together. sometimes equities anticipates it. sometimes it lags. but growth numbers keep falling. and yet the equity market keeps rising. i think the s&p is now -- should be thought of as a different sort of class of instrument used by investors around the world. i think now that the yield of the ten-year or of corporate credit, i think it hasn't been this tight since the '50s. and i think therefore if you look at it on a yield basis and if you believe that multinationals, leading multinational companies wi
% of all canada's oil exports in the united states. it has more than $30 billion worth of secured and potential projects on the drawing board. not to mention creation of tens of thousands of jobs, maybe even more. something that governor romney suggested last night could happen if we simply unleash the power of the energy industry and the infrastructure demands. they yield 2.8%, they have potential to boost it 11% to 15% annually. they have already given you a 30% return since we spoke to the former ceo a little more than a year ago. for some bizarre reason there were many doubters about the stock, not this guy. we want to know if the stock has more room to run. let's talk to al monico who just this week took out over as enbridge's ceo. welcome to "mad money." >> nice to be here. >> please sit down. thank you for coming on our show. i know you just took over. this is a great opportunity. >> glad to be here. >> you're kind of the man of the hour, frankly. governor romney starts the debate basically talking about energy and saying how many jobs could be created. if anyone's going to
recognize that the united states is starting to become the more dominant market on the earth. today is the perfect example. we woke up to news that once again, some data point from china showed a further decline and that clearly faltered the economy. then that negativity was tossed to europe. will spain take the bailout or not? it's the european spinoff of deal or no deal. by the time we get to our market, i saw this morning at 4:00 a.m., we were looking down substantially. eight of us on world bank survey. i have to admit that when i heard the litany, my first reaction was, oh, here we go again. get ready to baton down the hatches because of the chinese slow down and the european stalemate. i tweeted just that at 4:15. i said here we go again, get ready. but the more i thought about it, the more i realized, are you kidding me? this again? these two headlines? are they even headlines? when they were first in the news, they were clearly disruptive forces, just terrorizing. they stayed that way for many, many months. but somehow the immediate market is graduated from them. sure enough
jobs here in the united states. >> and these are high-paying jobs, the kind the president says we need to have. these are not low-paying jobs where there's safety issues, either, right? >> timken is one of the safest companies in the world. that's first point. secondly, our people deal with high technology in every aspect that they do. in the steel mill that we went through today everyone deals with computers, has to understand the technology in it. these are high school graduate, plus most of them have the equivalent of a tech school degree. >> let's talk about the technology and what it does. we went to look at an oil rig. we're trying to get at oil in this country. and the utica shale right near here, 18,000 feet. we've got to go way down and then to the left. this was oil and gas that was too expensive to get to until we had the technology to do it. you're part of that technology. >> this oil and gas boom is an opportunity for timken to develop new products. and in fact one of the products that drives that sideways drilling is made right here in this plant. it's called a piece of a
do that by appointing preet bharara as attorney general of the united states of america and have him go after all of these insider traders and crooks that populate the banks. they should be indicted, not need to settle where they can pay the government in money funded by the shareholders rather than the wrongdoers. at the same time, presidential candidate interested in higher stock prices should vow to bring back arthur leavitt. the best sec chair we've ever had so the playing field could be leveled and all the ridiculous financial engineering including elimination of the uptick rule should be rolled back tomorrow. third, i would say from the first day in office, i demand that all federal vehicles be retrofitted to run on natural gas engines to clean up the skies and hire hundreds of thousands of americans to build up the infrastructure to handle the federal vehicles. that would force the hand of the trucking companies to switch from dirty, expensive imported diesel and cause gasoline to go down in price for all of us. because of the liquefied natural gas competition. we need to star
, with all due respect, we have far more advanced defense systems here in the united states than anywhere else in the world. we have a lot more intellectual property to protect on that front. >> intellectual property is something hauwei values greatly. we are the world leader in terms -- >> that's not the spirit of my question. you say they operate throughout europe. they operate throughout asia. those countries -- europe does very little in the way of its own defense, et cetera. we are the primary drivers of defense spending in the entire world. we have a lot more to protect. so, to say they're doing business in europe doesn't answer the concerns of the united states. >> i'm not sure what the connection is there. hauwei sells commercial telecommunications infrastructure. this is the plumbing through which internet traffic takes place. we don't operate any networks. the gear they deploy is built to the same global standards as our competitors and all of it is being developeded and coded and built in china to a great extent. there are vulnerabilities, but they are universal. and anyone tha
. is that globally? is that just the united states? is it internationally? bear in mind, last night we heard from alcoa and klaus kleinfeld seeing a decline in demand for aluminum internationally. what about what you're seeing right now economically? >> we're seeing north america, the united states basically flat. that feels sideways. europe is down a bit, but our business in europe is heavily tilted to eastern europe and includes russia. our business is actually up in russia and eastern europe. brazil feels like the united states. china, i think china is growing at something far less than 7%. they've slowed down, and it feels more to us like 2 or 3%. >> really? >> wow. that's a real deceleration. still growing, but at a much slower pace. >> well, that's what it feels like to us in the business we're in. we're about half selling to customers who export their products and half to customers that sell domestically. if you look at things like electric power con sumts in china, it's flat. that ought to be a good indicator of the level of economic activity. i do think it will come back though. >> that'
competitive leads to investment and job creation here in the united states. the general cut in marginal tax rates, the governor advocates, will increase small business creation. on the energy side, removing and improving energy regulations that would limit domestic production and distribution, particularly in natural ga gas are also big job creators. the governor said he would move forward on many trade agreements the administration has let slip. all of this across the board, very, very much pro growth and very much what the economy can do. >> and the point is, is to get back to growth. once you have a growing economy, that will create the revenue required to actually put it down on the deficit, is that what you're saying? >> no. the deficit and debt comes from reducing the trajectory of government spending. tax cuts don't pay for themselves. tax reform requires base broadening and bringing down the deficit requires hard choices on spending, as gov more romney said. >> looking at this new york times, martin bailey was one of the critics of the romney economic plan. he's basically saying the
on cnbc earlier today saying housing is picking up. take a listen. >> in the united states, actually residential housing is picking up. that will have a significant effect. it hasn't got ton any big level yet. >> but his comments are being backed up by new data today showing new home sales jumped and home prices are moving higher. hold on though, there are also increasing fears about mortgage rates and what it actually takes these days to get a home loan. a real estate correspondent diana olick joins us and she has more on that. >> hey, sue. in today's report was a real good sign that recovery appears to be sustainable. take a look. signed contracts to buy newly built homes up 5.7% month to month and up a strong 27% from a year ago. supplies are still low and the median price was up nearly 12% year over year. all this from the trough we saw in the winter of 2011. now the concern going forward is potentially tightening credit. i'm just back from the mortgage bankers association convention in chicago where the overriding themes were litigation, big shock there, given today's news, and
good policy in the united states. think of a fiscal deal, simpson-bowles type deal. i think that would make all the difference. we would urge anyone who becomes president to try to get some of that done quickly. >> clearly a lot of attention there. there's also concern that another area of the economy, housing, might get pushed to the back burner. our next guest wrote an open letter to president obama and governor romney asking why housing is not front and center of the campaigns. "considering the depth of these debates and the months of political advertisements in this campaign, it is discouraging that there has not been serious discussion about housing. as leaders, you ignore housing at our peril. the remax chairman and co-founder who wroelt that jote us now on the program. thank you for joining us, dave limit niger. we know housing is important. people know housing is important. are you asking for two specific things. one is that they don't eliminate mortgage interest reductions. they don't eliminate that tax break. why in your view when the country can't afford what it's doing shou
is to the downside, mosaic, weak numbers, the demand for fertilizer strong in the united states. they have trouble getting it to people because of the mississippi river was low and hurricane isaac was a problem. >> we will talk to you later. i want to ask but the transports. bob pisani, ty, back to you. >> thank you. >>> consumer spending making up 70% of the u.s. economy, this holiday shopping season a key gauge on whether this sluggish economy can shift into a somewhat higher gear. new numbers out today from the world's largest retail trade association, the nrf, says u.s. retail sales should rise 4.1% this holiday season. pretty merry. don't get too excited. that is actually slower than the growth the past two years. so, why the slow down in the nrf says the biggest things holding consumers back is uncertainty over the economy and whether congress can strike what deal and avoid the so-called fiscal cliff. >>> one major retailer hoping for a merry holiday season is jc penney. ceo ron johnson continues to outline his plans for the struggling chain store. the stock down 30%. johnson speaking on the
that the government has no role has never been true in the history of the united states. you know, really, all of the commercial aviation industry has grown out of defense spending. all of the health care innovation has grown out of the n.i.h. >> in his ten years as ceo, immelt has remade g.e., selling off half the company he inherited, including plastics, insurance, and nbc. >> oh, my god. >> they're selling nbc to a company called kabletown... with a "k." >> at the same time, he has refocused the company on manufacturing, bulking up units like transportation, energy, and research and development. as jobs czar, he's urging his fellow ceos to double their hiring of engineers and devote more money to r&d. at g.e., he's triple-spending on everything from medical research to green technology, including the building of a solar panel factory in the u.s., even as other american solar companies are folding. is this something that's incredibly risky for you? >> in g.e., this is extremely low risk because we have good technology and we have scale. the crime for us is when we don't do things like that.
the united states. >> i've taken heat from the right and heat from the left, and it's been uncomfortable sometimes for me personally to work with the president on this. and i'm proud to do it. >> what he's doing is heading a council of ceos, wall streeters, and labor leaders to help the president come up with ideas for immediate and long-term job growth. we need to create 300,000 new jobs a month just to get back to where we were before the recession. >> i think, lesley, there just needs to be a sense of national urgency around jobs, that basically, if you just looked at how many hours a day do republicans spend on job creation, do democrats spend on job creation, does the white house, it's nowhere close to 100%. we're not spending enough time on jobs. >> one of the reasons the president chose immelt as his jobs czar is because he's actually building new manufacturing plants in the u.s. he wanted to show us one: this new factory in batesville, mississippi, where they're making jet engines for the new boeing dreamliner. does anybody know how many different parts go into that? >> somebody
in the economy is the united states. i think it was controversial last week. we got an unemployment number suddenly that was a grand conspiracy. i didn't see it that way because perhaps i'm not a black helicopter guy. but i do think that other than the united states, there's not a lot of momentum. and china and europe can pull the world down. you see today the world being pulled down. china is not doing much to help its situation. i think the estimates for china at 7 are wrong. it should be 5.6. >> change in power coming up in china. typically there is inaction on the part of the government in terms of huge programs where it be stimulus or not. many expect you may not get something substantive still march. there's also a great deal concern about the financial system. you hear it a lot. we all talk about the lack of validity of many of the statistic that is we still rely on. but within the financial system itself, where the debt really is, a number of metrics that are followed and thought to be worthy of following are not looking great. there's continued concerned. >> we're running smack in
of oil and gas properties across the united states. they are able to maintain or grow cash flow. they are not squash buckling drillers. they are the opposite of wild caters. but the production is 100% hedge. i look at the high prices. you don't have to worry about volatile commodity prices. since 2003 the company has made 54 acquisitions for a total of $10 billion. during 2012 alone the company bought 1.2 oil and gas properties in the kansas basin. bp was so strapped for cash. boo et boo! . and in july line hit up bp again and acquired 23% interest in the field in exchange for recovering $400 million. it is a tremendous company with a fantastic growth prospect. considering in five years stocks give you a 123% return. however, europe line has a flaw. and that flaw explains why they created linco. the problem is this. line energy is not really a stock. it is a master limited partnership. the rules about how the mlp's are taxed are different than the rules regarding the taxation. these rules make mlp's very unappealing to certain types of investors. bear with me for this. if you ow
want to do the right thing for the united states of america. get off this stuff. >> he should man up and accept responsibility for that cock and bull story. >> that is all it was. >> that is all it ever was and most americans know that. >> no, you know that is different. >> they know it is a serious situation. >> yes, of course it is. >> this is right wing nonsense. >> governor howard dean in joe the concert. >> thank you very much. here is what i want to know. what would you the viewer ask president obama or mitt romney in tonight's debate? please tweet me. we'll have your tweets right after the break and i'll try and answer them. next up markets are up triple digits and the shocker on wall street. don't forget folks free market capitalism still the best path to prosperity. i hope we hear some tonight. >>> welcome back to the kudlow report. we pose a question what would you ask president obama or governor romney at tonight's debate? one of our viewers asked how can we bring back confidence for the regular guys? >> we did have a big day on wall street. hello bob. this is the second d
down and the other one is, the united states and canada north america is producing a ton of oil this is going to change the whole balance. i saw a whole story dade that derivatives can get us to ten million darells a day now. who cares about iran. they are a bunch of crazy pikers for god's sakes. >> they are becoming less relevant by the day. the longer they persist in going down this road of trying to push this issue the more isolated the less the world needs their oil. they can be replaced by saudi arabia. when the u.s. gets it's act together and has a policy that will allow us to get to those levels we won't be talking about irony more. >> give us a forecast. >> a lot of it will be dry vivey the election between now and then. i think we can see a pull back here into the low 80s. >> we are going to have a special guest tomorrow evening. former fed governor kevin p awa. let's turn to last night's debate. and obama's shocking declaration. he swore no across the board budget cuts. some say he has given away his tax hike leverage. coming up both have received endorsements they may
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